Neogen reports Q4 adjusted EPS 5c, consensus 9c

Reports Q4 revenue $225.46M, consensus $222.53M. “The softer end-market conditions continued in the fourth quarter, with elevated trade uncertainty and the cumulative effect of the last four years of inflation on food production,” said John Adent, Neogen’s (NEOG) president and CEO. “We believe the Food Safety end market can still grow in this environment, but at a rate below what we estimate as its normal historical performance. Outside of the specific challenges in our sample collection product line, Food Safety core revenue grew low-single-digits in the fourth quarter and mid-single digits for the full year. Although profitability in the fourth quarter was below our expectations, we have multi-pronged improvement actions underway to address the several issues that weighed on our results in the quarter and expect to see a decreasing impact moving forward.”